Knowledge Shop Blog

Posts by Michael Carruthers

Foreign Residents Excluded from Main Residence Exemption - legislation before Parliament

Michael Carruthers | 08/02/18 15:32

New legislation introduced into Parliament today will prevent foreign residents accessing the capital gains tax (CGT) exemption on a main residence. If the legislation is enacted, a taxpayer will not generally be able to claim any exemption under the main residence rules if they are a non-resident at the time of the CGT event, even if they were a resident for some (or even most) of the ownership period. No apportionment applies – the exemption simply doesn’t apply at all if the individual is a foreign resident when the CGT event is triggered.

New legislation restricts access to the reduced company tax rate

Michael Carruthers | 19/10/17 12:18

Legislation restricting access to the small business company tax rate reduction entered Parliament yesterday. Treasury Laws Amendment (Enterprise Tax Plan Base Rate Entities) Bill 2017 limits access to the 27.5% company tax rate by replacing the ‘carrying on a business test’ with a ‘passive income test’. Under the new rules, to access the reduced company tax rate, 80% or less of the entity’s assessable income must be passive in nature.
Company Tax

April 2016 Tax Round Up - new guidance on restructure roll-over

Michael Carruthers | 01/04/16 10:40

A number of important tax related Bills received Royal Assent and have now become law. Plus, ATO introduce a new form of guidance – the first on the new rollover relief for small business restructures All this and more from the Knowledge Shop team. Members can download the full April 2016 Tax Round Up from the member-only website. To see what Knowledge Shop membership offers, call Julie on 1800 800 232 or take a tour online.
Tax Round Up


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